Common use of Exit Premium Clause in Contracts

Exit Premium. Each repayment or prepayment of any Term Loans shall be accompanied by an exit premium (the “Exit Premium”) in an amount equal to 7.50% of the aggregate principal amount of Term Loans so repaid or prepaid, whether such prepayment or repayment is optional or mandatory, whether occurring prior to or after an Event of Default, whether occurring upon acceleration or the Maturity Date or otherwise. The Exit Premium shall be payable in cash on the date of such repayment or prepayment of Term Loans. Notwithstanding anything to the contrary in the foregoing, (i) if the Required Initial Lenders participate in an Exit Financing, the Exit Premium due and payable to all Lenders shall be waived and (ii) the Exit Premium due to all Lenders may be waived in writing by the Required Initial Lenders in their sole discretion.